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In 2020, founder and CEO Matt Gilmore commenced business as Gilmore & Co., Inc., a producer of rather exquisite expensive baseball caps.Since he took Fundamentals of Accounting, he knew that a good accounting team was necessary in order to be successful in his new venture.He has asked you to handle the accounting for his new business. For the year ending 12/31/20, he had the following transactions:

1. Acquired $15,000 cash from the issue of common stock.

2. Sold $18,000 of fancy hats on account with Major League Baseball.

3. Received cash of $6,000 for sales from the NBA.

4. Collected $11,000 cash from the accounts receivable with Major League Baseball.

5. Paid $1,400 cash to purchase supplies needed to make his special Houston Astro caps.

6. Received $3,600 cash in advance from the NFL for sales of hats to be delivered in the future.

7. Had $100 of supplies on hand at the end of the year.

8. Paid cash of $6,500 for salaries expense

9. Incurred $2,800 of other operating expenses on account.

10. Delivered one-half of the sales agreed to in event 6

11. Paid $2,100 cash on the account payable created in event 9.

12. Paid a $1,000 cash dividend to the stockholders.

REQUIRED Show the effects of the events above on the horizontal statements model provided. In the Cash Flows column, use the letters OA, FA or IA to indicate what type of activity it is.

The total amount of extra credit will be 12.Each line represents 1 point. Each line must be fully correct to earn that 1 point. Missing an entry in any column will cause the entire line to be incorrect.

The Income Statement, Balance Sheet & Statement of Cash Flows is presented as well. Completing those correctly will earn you and additional 8 points.

Fig: 1